President Barack Obama's guarantee on $1 billion of Egyptian Eurobonds is poised to reduce the country's borrowing costs, helping the transition to democracy after six decades of autocratic rule.

The support that Obama pledged last month may cut yields on the five-year debt by 200 basis points, or the equivalent of $100 million, according to the median estimate of five fund managers surveyed by Bloomberg. Yields on Egypt's one-year bills jumped to the highest level since November 2008 following the uprising that ousted President Hosni Mubarak in February. The country last sold international debt in April 2010.

"The American backing is a complete game changer," Michael Cirami, who helps manage $12 billion in assets for Boston-based Eaton Vance Corp., said in a telephone interview. "There may be a spill-over effect that it's going to reduce the risk premium of their non-guaranteed debt and help them re-enter the market eventually on their own."

Obama is offering assistance for the planned Eurobond sale as the International Monetary Fund forecasts Egypt's economy may grow 1 percent this year, the slowest pace since 1992, and Moody's Investors Service says the country's public finances are "significantly" weaker than countries with similar credit ratings. The budget may post its biggest deficit in at least a decade in the fiscal year ending this month, hampering efforts to create jobs and reduce the poverty rate, reasons that sparked the anti-Mubarak revolt, according to the Finance Ministry.

No president should be able to spend money like that. The president cannot. That's congress's job, which as we know they have not been doing for several years. Congress appropriates spending bills and authorizations.

They also Twitter their Weiner when not doing much else.

19
posted on 06/14/2011 12:03:29 PM PDT
by blackdog
(The mystery of government is not how Washington works but how to make it stop)

Congress? House? Who needs them? Obama, Hillary and his admin have the UN.

____________________________________________________________________

THE NEW CURRENCY OF THE FUTURE PRESENTED TO THE G8 LEADERS

The sample of the first test currency from the international project for a new virtual global currency, given the draft name, United Future World Currency  Eurodollar, has been p presented as the exclusive gift to Heads of State and Government at the G8 Summit: Barack H. Obama, Dmitij Anatolyevich Medvedev, Gordon Brown, Nicolas Sarkozy, Angela Merkel, Silvio Berlusconi, Taro Aso, Stephen Harper, Josè Manuel Barroso, Fredrik Reinfeldt.

The final name and symbol for the new currency will be decided in a competition for children in 1000 schools throughout the world, organised by the Museo del Tempo. The first step started from the American School of Milan, and involved 640 students from 46 different countries.

Although the initial aim is to unite the United States of America with the United States of Europe, it will also be open to other Countries.
The example of the Euro, which united Countries with different histories and cultures under the same currency, is a concrete precedent that demonstrates how this project can indeed come to life and gather together nations from several different continents.

In sending his best wishes for the project to its coordinator, Sandro Sassoli, Italian Prime Minister Silvio Berlusconi emphasised that, It is interesting that young students from different countries can get involved in an international project that helps them understand certain aspects of international economic policy, allowing them to prepare for the future monetary union that we hope for.

In 1996, Sandro Sassoli conceived the idea of the UFWC project, having taken advice from Arthur Schlessinger Jr, former advisor to President John F. Kennedy.

An international jury, comprising the heads of the worlds leading mints, economists, Nobel-prize winners, and figures from the world of culture and journalism, will have the task of selecting and rewarding the childrens best work concerning the new currency.

The Royal Mint of Belgium, one of the worlds most prestigious mints, has been the first to issue a test coin for this new currency, a special rare gold edition that will be gifted at the forthcoming G8 Summit. The coin has been designed by Luc Luycx, author of the common side of the Euro coins.

The project will study security and anti-counterfeit measures; meanwhile, experimentation to seek innovative solutions for an intelligent money are also underway.

The currency will also undergo an important public test run at the 2015 Milan Universal Expo.

I agree. Too bad our republic’s collective sack folded up like a 747s landing gear on take off. We should be in the streets over what this guy has done - and according to the Obama doctrine - if the people get in the streets, the leader has to go.

I really think eurobonds means Obama signed us up for the communist order and currency

and forgot to ask anybody so this is why he thinks he can do what he wants.

NWO won't work in the longrun. The terrorists Obama loves and funds won't go for it.

They need America on her knees for it to work and that is what TheWon is obviously doing. I think he needs impeached no more political game playing of letting him slide until 2012 because he is historically black. If he is not impeached he can suspend elections because of kaos of an economic collapse.As tin foil hatted as that sounds it is true.

Agreed. Bachmann,Cain and Paul were over run by CNN’s John Black’s voice when they came close to telling it like it is. BTW:I didn’t know Ron Paul was an obstetrician.People do not want another politician so he and Cain look good.

Obozo wants to force America to guarantee $1B of debt for a chaotic government with a high likelihood of emerging under Jihadi control in the near future. It’s money we don’t have, supports those with whom we are in a state of war, and has no Congressional authorization. This is how Obozo Wins The Future HE envisions. If he’s relying on some unconstitutional workaround of Congress, we better hear Boehner and the boys raising holy hell, loudly and quickly.

35
posted on 06/14/2011 12:41:53 PM PDT
by lonevoice
(Where the Welfare State is on the march, the Police State is not far behind)

He will diss Tx. like he did offering them zero assistance for fires and Mexico border violence. As well as HOW DARE that Tx. reporter actually ask him questions in that past interview and make him look bad.

I have no doubt that in some future time, when the history books are written, they will document that this congress could have stopped this crap and did not. I am more upset with them in many ways than I am with Obama.

He’s a socio-communist. He is doing what Socio-Communists do...no big surprise there. But the Republicans are acting like they have Stockholm Syndrome.

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